Armenian parliament adopts 2024 budget

By a vote of 71 to 25 the Armenian Parliament has adopted today the state budget for 2024. br /

p

YEREVAN, December 7. /ARKA/. By a vote of 71 to 25 the Armenian Parliament has adopted today the state budget for 2024.br

/p

p

Finance Minister Vahe Hovhannisyan said the budget calls for 2 trillion 723 billion drams in revenues and 3 trillion 206 billion drams in spending.

/p

p

He noted that the government plans to collect 2 trillion 613 billion drams in taxes (24.9% of GDP), up from 2 trillion 566 billion drams, projected by the 2023 budget.

/p

p

He said the budget earmarks also about 695 billion drams (6.6% of GDP) as capital expenditures, by 27% more than the figure projected for the outgoing year and some 42% of capital expenditures will be channeled into national defense. Overall, the defense expenditures will rise next year by 7 percent to 554 billion drams ($1.38 billion or 5.3 percent of GDP, down by 0.3 percentage points from 2023).

/p

p

The state budget deficit will increase by about 142 billion drams compared to the initial draft and will amount to about 483 billion drams or 4.6% of GDP. However, the debt-GDP ratio at the end of 2024 will not change and will stand at 48.3%, he said.

/p

p

According to him, the debt-to-GDP ratio will continue to steadily improve and will be around 44% in 2024, which will significantly mitigate the debt's sensitivity to exchange rate fluctuations ($1 - AMD 402.95). -0-

/p

p

/p